United Capital Plc reported a strong first-quarter performance for the period ended March 31, 2026 with profit after tax rising by 66.2 percent to ₦9.79 billion, driven by robust growth in fee and commission income and gains on financial assets.
Gross earnings increased by 31.1 percent to ₦17.17 billion from ₦13.10 billion recorded in the corresponding period of 2025.
Fee and commission income surged by 72.4 percent to ₦7.69 billion, up from ₦4.46 billion, emerging as the primary driver of revenue growth.
Net gains on financial assets at fair value through profit or loss also rose sharply to ₦3.57 billion from ₦435.65 million.
However, net investment income declined to ₦4.86 billion from ₦6.41 billion, while net trading income moderated to ₦1.08 billion from ₦1.50 billion.
Total expenses rose marginally to ₦7.11 billion from ₦6.99 billion as higher personnel costs and depreciation charges offset a reduction in other operating expenses.
Operating profit before tax climbed significantly to ₦10.06 billion, compared to ₦6.10 billion in Q1 2025.
Profit before tax rose by 72.9 percent to ₦11.63 billion from ₦6.73 billion, supported by a ₦1.57 billion share of profit from associates.
Despite an increase in income tax expense to ₦1.84 billion from ₦835.02 million, the Group delivered strong bottom-line growth, with profit after tax settling at ₦9.79 billion.
Earnings per share rose to 218 kobo from 131 kobo, reflecting improved shareholder returns.
Total comprehensive income expanded significantly to ₦29.86 billion from ₦10.87 billion, driven by a substantial fair value gain of ₦19.93 billion on equity instruments.
On the balance sheet, total assets increased to ₦1.81 trillion as of March 31, 2026, up from ₦1.76 trillion at the end of December 2025, supported by growth in cash and cash equivalents and trade receivables.
Cash and cash equivalents rose to ₦366.91 billion from ₦287.10 billion, while trade and other receivables increased sharply to ₦133.73 billion from ₦48.51 billion.
Investment securities declined to ₦1.22 trillion from ₦1.34 trillion amid portfolio adjustments during the period.
Total liabilities increased to ₦1.64 trillion from ₦1.61 trillion, driven by higher other liabilities, although borrowed funds declined to ₦304.89 billion from ₦372.30 billion.
Shareholders’ funds rose to ₦165.45 billion from ₦150.00 billion, supported by growth in fair value reserves.
The results highlight United Capital Plc’s ability to leverage its diversified investment banking model to deliver strong earnings growth, despite mixed performance in investment income and evolving market conditions.